Acrylic Paints Market Is Estimated To Witness High Growth Owing To Increasing Demand for DIY Home Decor

Ben

posted on 11 months ago — updated on 1 second ago

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Acrylic Paints Market

The global acrylic paints market is estimated to be valued at US$ 117.7 Million in 2020 and is expected to exhibit a CAGR of 4.5% over the forecast period 2022-2032, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Acrylic paints are water-based paints that are made using acrylic resin as the binder. These paints are known for their quick drying time, versatility, and durability. They are widely used in various applications such as painting, crafts, and DIY home decor. Acrylic paints offer several advantages such as excellent color retention, resistance to fading, and the ability to be easily mixed and layered. The increasing popularity of DIY projects and the rising interest in home decoration are driving the demand for acrylic paints.

Market Key Trends:

One key trend in the acrylic paints market is the growing demand for eco-friendly and non-toxic paints. With increasing awareness about the harmful effects of traditional paints on human health and the environment, consumers are shifting towards eco-friendly alternatives. Acrylic paints, being water-based and low in volatile organic compounds (VOCs), are considered safer and more sustainable. Manufacturers are focusing on developing eco-friendly formulations to meet the growing consumer demand for environmentally-friendly products. This trend is expected to positively influence the growth of the acrylic paints market in the coming years.

PEST Analysis:

Political: The political factors influencing the acrylic paints market include government regulations and policies on environmental protection and safety standards. For instance, stringent regulations on VOC emissions and hazardous chemicals in paints can impact the production and distribution of acrylic paints.

Economic: The economic factors affecting the acrylic paints market are the growth rate of the construction industry, disposable income of consumers, and exchange rates. As the construction industry expands and consumers have higher disposable income, the demand for acrylic paints is likely to increase. Fluctuations in exchange rates can also impact the cost of raw materials and international trade.

Social: Social factors that influence the acrylic paints market include changing consumer preferences, increasing awareness about environmental sustainability, and growing interest in DIY (do-it-yourself) projects. Consumers are now more inclined towards eco-friendly products and tend to choose water-based acrylic paints over solvent-based ones. The popularity of DIY culture has also contributed to the growth of the market.

Technological: Technological factors in the acrylic paints market include advancements in paint formulations, manufacturing techniques, and digital marketing. Development of high-performance acrylic paints with better durability, color retention, and ease of application can attract more consumers. Moreover, digital marketing strategies and online sales platforms have opened up new opportunities for manufacturers to reach a wider customer base.

Key Takeaways:

The global acrylic paints market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period (2022-2032). This growth can be attributed to increasing construction activities worldwide, driven by urbanization and infrastructure development. Acrylic paints are widely used in the construction industry for coating applications, as they offer excellent adhesion, durability, and color retention.

In terms of regional analysis, Asia Pacific is projected to be the fastest-growing and dominating region in the acrylic paints market. The region's rapid urbanization, industrial development, and growing population are driving the demand for paints and coatings. Countries like China and India have witnessed significant growth in construction activities, which further fuels the demand for acrylic paints.

Key players operating in the acrylic paints market include Berkshire Hathaway, Asian Paints India, Berger Paints India, Azkonobel, and BASF SE. These companies have a strong market presence and offer a wide range of acrylic paint products. They focus on product innovation, strategic partnerships, and expansion strategies to maintain their competitive edge in the market.